HAYGROVE LIMITED
Company number 03266992 · Monitor this company
This analysis was written by an AI from the company's public filings. It may contain errors or omissions and is not financial or professional advice.
Credit Analysis: HAYGROVE LIMITED
1. Credit Opinion: CONDITIONAL
Reasoning: The company demonstrates several positive structural indicators—long operating history (incorporated 1996), active status, group filing structure, and diversified revenue streams across agriculture, manufacturing, and wholesale. However, no financial data has been provided for assessment. A credit decision cannot be finalised without reviewing the latest filed accounts (year ending 31 December 2024, due by 30 September 2026). The conditional rating reflects the need for financial verification before commitment.
2. Financial Strength
Limited assessment possible without filed accounts data.
Observable indicators: - Group structure: Filing as a group entity suggests subsidiary operations, which can provide operational diversification but may introduce intercompany exposures and contingent liabilities - Share capital: £140 is nominal, typical for UK private companies, but provides negligible equity cushion - PSC structure: Dual control between Haygrove Summit Supervisory Ltd (corporate entity with 75%+ shares, voting rights, and director appointment power) and Mr Angus James Davison (75%+ individual ownership) — this overlapping control structure requires clarification on ultimate beneficial ownership and potential related-party transactions - No liquidation or administration flags
Concern: Without balance sheet figures (fixed assets, current assets, net assets, shareholders' funds), leverage and solvency positions cannot be evaluated.
3. Cash Flow Assessment
Cannot be completed without financial data.
Key missing information: - Working capital position (current assets minus current liabilities) - Cash conversion patterns - Debtor days and creditor payment behaviour - Net current assets/liabilities trend - Retained profit reserves (P&L reserve history)
The company's SIC codes suggest seasonal cash flow patterns: - 1250 (Growing of tree/bush fruits): Strong seasonality, working capital intensive - 25110 (Manufacture of metal structures): Potential for longer payment terms - 46610 (Wholesale of agricultural machinery): Inventory financing requirements
This diversification across growing, manufacturing, and wholesale may smooth seasonal cash flow variability—but this cannot be confirmed without figures.
4. Monitoring Points
| Metric | Risk Level | Notes |
|---|---|---|
| Director changes | Medium | Richard John Mills resigned 19 September 2025—establish reason and review for broader governance concerns |
| Financial filing | Low | Accounts and confirmation statement current; next accounts due 30 Sept 2026 |
| Related-party exposure | Medium | PSC structure with overlapping corporate/individual control warrants scrutiny on intercompany balances and transactions |
| Sector concentration | Medium | Agricultural sector exposure (growing + equipment) creates correlated risk—weather, commodity prices, regulatory changes |
| Group structure | Medium | Need to map group entities, identify cross-guarantees, and assess cash flow restrictions at subsidiary level |
| Succession planning | Low-Medium | Founded 1996; key person risk around Mr Davison's dual PSC role |
Additional Observations
Positive factors: - 28-year trading history indicates survival through multiple economic cycles - Business evolution (name changes from "Haygrove Fruit" → "Haygrove Tunnels" → "Haygrove") suggests strategic adaptation - Diversified SIC codes across the agricultural value chain (growing, manufacturing, distribution) - No disqualification records against current directors - Filing compliance appears current
Negative/Unknown factors: - No financial performance data available for review - Recent director resignation (Mills, Sept 2025) requires investigation - Complex PSC structure may obscure true control and related-party dealings - Agricultural sector inherently carries weather and commodity risk